PALHIGH SIGNALFINANCIAL10-K

PAL's net loss quadrupled from $8.5M to $36.0M while operational metrics deteriorated significantly, indicating serious financial distress.

The 325% increase in net losses combined with substantial increases in both current liabilities and SG&A expenses suggests the company is burning through cash at an accelerated rate. Despite operational expansion through acquisitions and fleet growth, PAL appears to be struggling with profitability and cost control, which could threaten its ability to service debt and fund operations.

Comparing 2026-03-31 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

PAL experienced severe financial deterioration with net losses exploding from $8.5M to $36.0M, while SG&A expenses jumped 62% and current liabilities increased 21% to nearly $64M. Although accounts receivable grew modestly by 13%, this growth was vastly outpaced by the deterioration in profitability and increase in short-term obligations. The overall financial picture signals a company in significant distress, burning cash rapidly despite operational expansion efforts.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-325%
-$8.5M→-$36.0M

Net income declined 325% — review whether driven by operations, interest costs, or non-recurring items.

SG&A Expense
P&L
+62.3%
$3.4M→$5.6M

SG&A up 62.3% — significant increase in sales or administrative costs, monitor impact on operating leverage.

Current Liabilities
Balance Sheet
+21.4%
$52.6M→$63.9M

Current liabilities rose 21.4% — increased short-term obligations, watch current ratio.

Accounts Receivable
Balance Sheet
+12.8%
$37.4M→$42.2M

Receivables grew 12.8% — monitor days sales outstanding for collection efficiency.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-03-31
ADDED
As of March 25, 2026, the registrant had 27,725,314 shares of common stock outstanding.
(which converted to Delta Automotive Services, LLC in an F-reorganization on April 29, 2024), doing business as Delta Auto Transport ( Delta ), (ii) Deluxe Auto Carriers, Inc.
Each of Deluxe, Sierra, Proficient Transport and Tribeca converted into a limited liability company on December 31, 2025.
Formed in connection with the IPO through the combination of five industry-leading operating companies, we operate one of the largest auto transportation fleets in North America with an operating fleet with approximately 800 owned assets and employing 825 dedicated employees as of December 31, 2025.
Our customers include nearly all of the global auto manufacturing companies who participate in the North American market.
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REMOVED
As of March 25, 2025, the registrant had 27,069,114 shares of common stock outstanding.
(which converted to Delta Automotive Services, LLC in an F-reorganization on April 29, 2024), doing business as Delta Auto Transport, Inc.
Formed in connection with the IPO through the combination of five industry-leading operating companies, we operate one of the largest auto transportation fleets in North America based upon information obtained from leadership of the Auto Haulers Association of America, utilizing roughly 1,145 auto transport vehicles and trailers on a daily basis, including approximately 845 Company-owned transport vehicles and trailers, and employing 671 dedicated employees as of December 31, 2024.
Our customers include nearly all of the global auto manufacturing companies, including General Motors Company ( General Motors ), Bayerische Motoren Werke Aktiengesellschaft ( BMW ), Stellantis N.V.
The Founding Companies were acquired for approximately $178.5 million in cash and 6,978,191 shares of our common stock (provided, that 541,866 of these shares of common stock were held back and were not issued at the closing of the Combinations to satisfy the indemnification obligations of certain of the Founding Companies for a period of twelve months following the closing of the Company s IPO), using an initial public offering price of $15.00 per share.
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